President Barack Obama has made a new offer to avert the U.S. fiscal cliff of looming tax hikes and severe spending cuts, moving closer to the Republicans' position, reports said late Monday. The White House's latest counterproposal includes $1.2 trillion in revenue increases and $1.22 trillion in spending reductions, Reuters reported, citing an unnamed source familiar with the negotiations. Obama's latest offer would also use the "chained consumer price index" for regular cost-of-living increases to Social Security, but with protections for the vulnerable populations," Reuters reported. Meanwhile, the Associated Press cited its own unnamed source as saying the Obama offer Monday called for increasing taxes on those making more than $400,000, a higher threshhold than the president previously proposed. Obama's offer also added an additional $200 billion in spending cuts over the coming decade compared to his previous offer, the AP report said. Obama met again Monday with his chief Republican negotiating partner, House Speaker John Boehner, as the two seek to craft a deal to stop draconian austerity measures passed last year from coming into effect at the start of the coming year.